Residential Finance Survey

Residential Finance Survey: 2001 - United States
Table 2-16. Junior Mortgage Characteristics, 1-Unit Homeowner Mortgaged Properties
^Number of junior mortgages in thousands.
For information on confidentiality protection, sampling error, non-sampling error, and definitions, see text.
For minimum base for derived figures (percent, median, etc.) and meaning of symbols, see text.
@6Columns may not add to total junior mortgages, because installment loans are included in total^^

All junior mortgages@6

Home equity lines of credit

Traditional junior mortgages

Total junior mortgages

10374

6198

4176

Junior mortgages outstanding

5607

1431

4176

MORTGAGE CHARACTERISTICS

Type of Junior Mortgage Instrument

Fixed-rate, level-payment mortgage

3373

0

3373

Short-term with balloon payment mortgage

285

0

285

Reverse mortgage

0

0

0

Adjustable rate mortgage (ARM)

456

0

456

Other

1493

1431

62

Purpose of Junior Mortgage

Provide funds for the purchase of the property

482

0

482

Provide funds for additions, improvements, or repairs to this property

1509

529

980

Provide funds for consolidation of debts

1298

280

1018

Provide funds for investment in other real estate

133

42

91

Provide funds for other types of investments

92

31

61

Provide funds for educational or medical expenses

128

75

53

Provide funds to start a business

125

22

103

Provide funds to settle a divorce

38

4

34

Provide funds to pay taxes

49

11

38

Provide funds to purchase an automobile, truck, or vehicle

264

138

125

Provide funds to purchase consumer product

49

20

29

Other reasons

71

30

41

Not reported

1369

248

1121

Year Junior Mortgage Made or Assumed

Traditional junior mortgages

4176

0

4176

1999 to 2001 (part)

2559

0

2559

1997 and 1998

926

0

926

1995 and 1996

279

0

279

1990 to 1994

294

0

294

1985 to 1989

63

0

63

1980 to 1984

22

0

22

1979 or earlier

33

0

33

Other junior mortgages

1431

1431

0

Junior Mortgage Loan

Traditional junior mortgages

4176

0

4176

Less than $5,000

48

0

48

$5,000 to $9,999

237

0

237

$10,000 to $14,999

406

0

406

$15,000 to $19,999

517

0

517

$20,000 to $29,999

1083

0

1083

$30,000 to $39,999

602

0

602

$40,000 to $49,999

375

0

375

$50,000 to $59,999

261

0

261

$60,000 to $79,999

233

0

233

$80,000 to $99,999

109

0

109

$100,000 to $149,999

144

0

144

$150,000 to $199,999

74

0

74

$200,000 to $249,999

33

0

33

$250,000 to $299,999

14

0

14

$300,000 or more

17

0

17

Not reported

23

0

23

Median

28026

5000-

28026

Mean

38280

0

38280

Other junior mortgages

1431

1431

0

Current Interest Rate on Junior Mortgage

Less than 6.0 percent

1626

333

1293

6.0 percent

118

92

26

6.1 to 6.4 percent

101

92

9

6.5 to 6.9 percent

297

260

37

7.0 percent

235

53

182

7.1 to 7.4 percent

114

59

55

7.5 to 7.9 percent

318

165

153

8.0 percent

206

79

127

8.1 to 8.4 percent

120

41

79

8.5 to 8.9 percent

247

70

177

9.0 percent

138

45

94

9.1 to 9.4 percent

65

14

51

9.5 to 9.9 percent

135

25

110

10.0 percent

94

16

77

10.1 to 10.4 percent

43

8

35

10.5 to 10.9 percent

58

26

31

11.0 percent

71

3

67

11.1 to 12.9 percent

251

14

237

13.0 percent

50

9

41

13.1 percent or more

1320

27

1293

Not reported

0

0

0

Not borrowed

0

0

0

Median

8.0

6.9

8.9

Term of Junior Mortgage

Traditional junior mortgages

4176

0

4176

Less than 5 years

78

0

78

5 years

235

0

235

6 to 9 years

88

0

88

10 years

285

0

285

11 to 14 years

31

0

31

15 years

552

0

552

16 to 19 years

0

0

0

20 years

105

0

105

21 to 24 years

3

0

3

25 years

86

0

86

26 to 29 years

0

0

0

30 years

120

0

120

More than 30 years

13

0

13

No stated term

2579

0

2579

Median

15

5-

15

Other junior mortgages

1431

1431

0

Holder of Junior Mortgage

Commercial bank or trust company

1749

774

976

Savings and loan association, federal savings bank

638

195

442

Mutual savings bank

137

42

94

Life insurance company

54

0

54

Mortgage banker or mortgage company

247

0

247

Federally-sponsored secondary market agency or pool

1184

0

1184

Conventional mortgage pool

111

0

111

Other federal agency

113

0

113

Real estate investment trust

6

0

6

Pension or retirement fund

4

0

4

Credit union

679

278

401

Finance company

300

98

202

State or municipal government or housing finance agency

152

0

152

Individual or individual's estate

106

0

106

Other

127

43

84

Servicer of Junior Mortgage

Traditional junior mortgages

4176

0

4176

Commercial bank or trust company

982

0

982

Savings and loan association, federal savings bank

434

0

434

Mutual savings bank

94

0

94

Life insurance company

54

0

54

Mortgage banker or mortgage company

1557

0

1557

Federally-sponsored secondary market agency or pool

0

0

0

Conventional mortgage pool

5

0

5

Other federal agency

109

0

109

Real estate investment trust

0

0

0

Pension or retirement fund

4

0

4

Credit union

401

0

401

Finance company

205

0

205

State or municipal government or housing finance agency

142

0

142

Individual or individual's estate

97

0

97

Other

90

0

90

Other junior mortgages

1431

1431

0

Holder's Acquisition of Junior Mortgage

Traditional junior mortgages

4176

0

4176

Originated directly from borrower

2575

0

2575

Purchased from present servicer

749

0

749

Purchased from someone else

853

0

853

Other junior mortgages

1431

1431

0

Index Used to Adjust Interest Rate on Junior Mortgage

Adjustable rate traditional Junior mortgage

518

0

518

Treasury security

12

0

12

Average cost of funds in bank district

12

0

12

National average cost of funds

13

0

13

OTS contract mortgage rate

0

0

0

Other method

32

0

32

No index used

0

0

0

Not reported

449

0

449

Other junior mortgages

5089

1431

3658

Frequency With Which Rate Can Be Adjusted

Adjustable rate traditional junior mortgages

518

0

518

Monthly

46

0

46

Every 3 months

7

0

7

Every 6 months

0

0

0

Yearly

9

0

9

Every 3 years

0

0

0

Every 5 years

12

0

12

Other

3

0

3

Not reported

441

0

441

Other junior mortgages

5089

1431

3658

Interest Rate Changed Since Mortgage Made

Adjustable rate traditional junior mortgages

518

0

518

Yes, rate has changed

72

0

72

No change since mortgage made

5

0

5

Not reported

441

0

441

Other junior mortgages

5089

1431

3658

Caps on Interest Rate Per Adjustment Period

Adjustable rate junior mortgages

1796

1278

518

Less than 1 percent

38

38

0

1 percent

29

29

0

1.1 to 1.9 percent

9

0

9

2 percent

74

65

9

2.1 to 2.9 percent

3

0

3

3 percent

15

15

0

3.1 to 3.9 percent

0

0

0

4.0 percent or more

40

23

16

No caps

1090

1061

29

Not reported

498

47

452

Not borrowed

0

0

0

Other junior mortgages

3811

153

3658

Caps on Interest Rate Over Life of ARM

Adjustable rate junior mortgages

1796

1278

518

Less than 1 percent

11

11

0

1 percent

0

0

0

1.1 to 1.9 percent

4

0

4

2 percent

22

22

0

2.1 to 2.9 percent

0

0

0

3 percent

0

0

0

3.1 to 3.9 percent

3

3

0

4.0 percent or more

743

695

49

No caps

521

507

14

Not reported

492

40

452

Not borrowed

0

0

0

Other junior mortgages

3811

153

3658

Change in Monthly Interest and Principal Payments on Traditional Junior Mortgage Other Than Change in Interest Rate